David Thompson has been appointed head of PPF (Pension Protection Fund) proposition at Aon Consulting, the leading employee risk and benefits management firm. His key objective is to reduce the time that failed companies’ pension schemes take to enter the PPF in order to decrease costs for schemes and uncertainty for its members.
David brings technical experience and strong relationships with the PPF and independent trustees to the national role, dedicated to managing the transition of insolvent companies’ pension schemes into the PPF accurately, on budget and on time. David has worked for Aon for nine years and will also continue his responsibilities as client manager.
Based in Birmingham, a region identified as accounting for 20% of schemes entering into the PPF, David and a team of specialists will support trustees of schemes that enter the PPF assessment period through a range of actuarial, consultancy, administration, investment, legal and technical advice, coupled with project management skills and the ability to complete PPF Section 143 valuations.
David commented: “As some 45,000 insolvencies are expected by the end of the year, more companies are relying on the PPF to provide compensation to members. However, schemes take two years on average to enter the PPF and can take much longer if not managed efficiently. This means considerable uncertainty for members and reduces their ability to plan effectively for their retirement. Using our specialist PPF knowledge means our clients can be ahead of the game and we’re aiming to reduce the assessment period from two years to 18 months thus saving money and ensuring PPF compensation is paid sooner.”
